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					</table><p>Bengaluru-based energy infrastructure solutions provider, <a href="https://www.google.com/goto?url=CAESUAHrOzAVSu80DCF0Ml5cgLIcSeh8IoDSRoVQtRVPJA1HQUPZ-lQqy1JzaDPD-OzjoDjE13AcgkYlE1JJgdD7IfCCPtyo-kFRdSKOP05ozcdq" target="_blank" rel="noopener">Zetwerk Manufacturing Businesses</a>, has filed a red herring prospectus (RHP) for a ₹50.12 billion (~$526.36 million) initial public offering ().</p>
<p>The company&#8217;s product portfolio includes solar modules, module mounting structures, transformers, and other equipment used in energy infrastructure.</p>
<p>The IPO consists of a fresh issue of equity shares aggregating up to ₹28.3 billion (~$297.21 million) and an offer for sale (OFS) of up to 144.53 million equity shares by existing shareholders.</p>
<p>The equity shares have a face value of ₹1 (~$0.01) each. The company has set the price band for its IPO at ₹143 (~$1.5) to ₹151 (~$1.58) per share.The OFS includes up to 14.23 million equity shares each from promoters Amrit Pratik Acharya and Srinath Ramakkrushnan, and up to 22.97 million shares from promoter group entity Creovate Innovation.</p>
<p>Other selling shareholders include Peak XV Partners, Lightspeed Venture Partners, Accel India and Kae Capital, among others.</p>
<p>Of the fresh issue proceeds, the company proposes to utilize ₹13 billion (~$136.53 million) to pay its outstanding borrowings.</p>
<p>Another ₹8.6 billion (~$90.32 million) will be used to pay back borrowings of its subsidiaries through investments in these entities.</p>
<p>The subsidiaries include Sharp Tanks and Structurals, Terra91 International, Smile Electronics, Kryfs Power Components, Kryfs Transformers, Unimacts Global, Zetwerk Manufacturing SG, Zap91 Solar India, and Zet Town India.</p>
<p>The remaining proceeds will be used to fund inorganic growth through acquisitions and for general corporate purposes.</p>
<p>As on August 31, 2026, the aggregate outstanding borrowings of Zetwerk and its subsidiaries, on a consolidated basis, amounted to ₹52.08 billion (~$546.95 million).</p>
<p>Zetwerk provides manufacturing solutions across energy, precision and capital products. Its energy products business serves customers in the renewable energy and power transmission sectors.</p>
<p>According to Mercom’s State of Solar PV Manufacturing in India 1H 2026 report, India <a href="https://www.mercomindia.com/india-adds-50-6-gw-solar-module-and-9-7-gw-cell-manufacturing-capacity-in-1h-2026" target="_blank" rel="noopener">added</a> 50.6 GW of solar module and 9.7 GW of solar cell manufacturing capacity in the first half of 2026.</p>
<p>According to the DRHP, Zetwerk&#8217;s subsidiary Zap91 Solar India is constructing a solar module manufacturing facility in Sangareddy, Telangana.</p>
<p>The company also operates manufacturing facilities in India and international markets. Its transformer manufacturing facility in Savli, Gujarat, and its cold-rolled grain-oriented steel laminations and cores manufacturing facility in Kherdi, Dadra and Nagar Haveli, became operational in July 2026.</p>
<p>As of June 30, 2026, Zetwerk&#8217;s manufacturing order book stood at ₹130.62 billion (~$1.37 billion), compared with ₹85.35 billion (~$896.36 million) as of June 30, 2025.</p>
<p>The company received new manufacturing orders worth ₹153.93 billion (~$1.62 billion) during the financial year 2026, compared with ₹113.27 billion (~$1.19 billion) in the previous financial year.</p>
<p>Revenue from its manufacturing business increased 50.02% to ₹93.75 billion (~$984.58 million) in the financial year 2026, up from ₹62.49 billion (~$656.28 million) in the previous year.</p>
<p>In 2024, Zetwerk <a href="https://www.google.com/goto?url=CAEScAHrOzAV6Mb3Rn5xT1DXDU8N90AFKecSgMbI0_mMxmmJNj99H0-fk_lMECvo64n196LuY3Uuu1KYdE3d-GB0b4UdNRP7eL7T3J-nuij-vEAWpvojB2DUB9UAHdkh-4eMgUDnGNt0wNgauXzk9VNSPDs" target="_blank" rel="noopener">won</a> a contract to set up over 1,400 electric vehicle fast chargers for Indian Oil Corporation across the country.</p>


Zetwerk Files Draft Papers for ₹50.12 Billion Initial Public Offering


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					</table><p><a href="https://www.mercomindia.com/ev-sales-sustain-growth-momentum-q1-2024/" target="_blank" rel="noopener"><strong>Electric vehicle (EV) sales in India reached a record 486,669 units in the first quarter (Q1) of 2024, a jump of over 40% year-over-year against the 347,676 units sold in the same period of 2023.</strong></a> The EV market consistently exceeded the 100,000-unit threshold each month during the quarter, and March witnessed the highest-ever monthly sales figure of 204,337 units. EVs account for 7.9% of overall automobile sales, which totaled 6,157,070 units in Q1 2024.</p>
<p><a href="https://www.mercomindia.com/luminous-solar-facility-uttarakhand/" target="_blank" rel="noopener"><strong>Luminous Power Technologies inaugurated a 250 MW solar module manufacturing facility in Rudrapur, Uttarakhand.</strong></a> The fully automated 10-acre plant built with an initial investment of ₹1.2 billion (~$14.4 million) is expandable up to 1 GW capacity, the company said. The launch marks a strategic shift for Luminous from being just a maker of solar inverters and batteries to now manufacturing solar modules. The company also claims to be the only Indian firm that can design and build complete solar power generation systems. Luminous aims to double its growth in three years.</p>
<p><a href="https://www.mercomindia.com/ntpc-green-scheduling-of-130-mw-solar-project/" target="_blank" rel="noopener"><strong>NTPC Green Energy (NGEL) has invited bids from qualified coordinating agencies to provide all forecasting and scheduling-related services for the 130 MW Bhadla Solar power project.</strong></a> The last date for submitting bids is April 4, 2024. Bids will be opened the next day. Bidders will be responsible for ensuring comprehensive project data collection, utilizing information provided by NGEL, and gathering any additional necessary data daily. Bidders are tasked with forecasting and scheduling duties, which encompass providing detailed forecasting data in 15-minute increments, timely submission of day-ahead schedules, and intra-day forecasting revisions.</p>
<p><strong><a href="https://www.mercomindia.com/ntpc-50-mw-concentrated-solar-project" target="_blank" rel="noopener">NTPC has invited expressions of interest from bidders to set up a 50 MW interstate transmission system-connected concentrated solar power project with a thermal energy storage</a></strong> system operational for eight hours during peak and non-solar hours on a build-own-operate basis. The bids are open to Indian and global companies or their consortium, affiliates, and representatives.</p>
<p><a href="https://www.mercomindia.com/gic-sterlite-jv/" target="_blank" rel="noopener"><strong>In a bid to expand India’s power transmission network, Sterlite Power, a transmission developer, and Singapore-based GIC, an investment firm, have announced the creation of a joint venture (JV).</strong></a> The JV will focus on developing and operating power transmission projects across the country to meet the rapidly growing demand for energy evacuation. Under the agreement, Sterlite Power will hold a 51% majority stake in the new company, while GIC will own the remaining 49%.</p>
<p><a href="https://www.mercomindia.com/zetwerk-fast-chargers-indian-oil/" target="_blank" rel="noopener"><strong>Bengaluru-based Zetwerk, an industrial and consumer infrastructure firm, has won a contract to set up over 1,400 EV fast chargers for Indian Oil Corporation (IOCL) across the country.</strong></a>The fast chargers, with capacities ranging from 50-60 kW and 100-120 kW, will be capable of simultaneously charging two EVs using dynamic load-sharing technology. These DC dual gun Combined Charging System 2 DC chargers will be installed in major cities and key highways to enhance accessibility and convenience for EV drivers, the company said.</p>


Daily News Wrap-Up: Electric Vehicle Sales Up 40% YoY in Q1 2024


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					</table><p>Bengaluru-based <a href="https://www.zetwerk.com/" target="_blank" rel="noopener">Zetwerk</a>, an industrial and consumer infrastructure firm, has won a contract to set up over 1,400 electric vehicle (EV) fast chargers for Indian Oil Corporation (<a href="https://www.iocl.com/" target="_blank" rel="noopener">IOCL</a>) across the country.</p>
<p>The fast chargers, with capacities ranging from 50-60 kW and 100-120 kW, will be capable of simultaneously charging two EVs using dynamic load-sharing technology. These DC dual gun Combined Charging System 2 (CCS2) DC chargers will be installed in major cities and key highways to enhance accessibility and convenience for EV drivers, the company said.</p>
<p>The partnership will help IOCL, one of India’s largest fuel retailers, provide consumers with clean energy options that reduce their carbon footprint.</p>
<p>&#8220;This prestigious partnership with Indian Oil is very significant for Zetwerk&#8217;s vision for revolutionizing EV charging infrastructure in India,&#8221; said Abhay Adya, Business Head of Renewables at Zetwerk. &#8220;By conveniently locating these stations in major cities, we will enable widespread adoption of EV mobility and drive the nation towards a sustainable future.&#8221;</p>
<p>The company was previously involved in setting up Bangladesh&#8217;s largest solar power project.</p>
<p>Last year, the union government sanctioned ₹8 billion (~$96 million) under FAME India Program Phase II to the public-sector oil-marketing firms to install 7,432 fast charging stations nationwide. IOCL was responsible for setting up a total of 3,483 fast charging stations, including upstream infrastructure like AC distribution boxes, circuit breakers, protection equipment, mounting structures, and fencing. Of these, 2,707 EV chargers will have a capacity of 50-60 kW, while 731 chargers will have a 100-120 kW capacity.</p>
<p>Last month, Maharashtra <a href="https://www.mercomindia.com/maharashtra-invites-bids-charging-stations-2" target="_blank" rel="noopener">invited</a> bids from prospective empanelment agencies to set up 350 EV charging stations in the state.</p>
<p>Convergence Energy Services Limited also <a href="https://www.mercomindia.com/cesl-tender-ev-charging-stations-noida" target="_blank" rel="noopener">invited</a> bids for selecting a managed service partner for the operations, management, maintenance, and security of 31 public service EV charging stations across Noida.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/ev-sales-sustain-growth-momentum-q1-2024" target="_blank" rel="noopener">reached</a> a record 486,669 units in the first quarter of 2024, a jump of over 40% year-over-year against the 347,676 units sold in the same period of 2023.</p>


Zetwerk Bags Contract to Install 1,400 EV Fast Chargers from Indian Oil

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